Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.012%

Price spread now: Gate against Injective−0.118%84s7-day average −0.835% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.026%+$3 on $10k

Price spread, last 4 days (all we have)−0.215%−$22 · spread now −0.118%, 7d avg −0.835%

Together, before fees−0.189%−$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Gate is 0.717% dearer against Injective than usual: you sell high and buy low: +$72 more if the spread goes back to its 7-day average of −0.835%. The two prices were read 84 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ICP/USDC PERP	2.9665	0.0033	pay 0.0004% / 1h	53m 51s	$202	$200K	12x
Short	Gate ICP_USDT	2.9630	0.0100	get 0.0100% / 8h	3h 53m	$1.9M	$2.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee InjectivebpFee GatebpOrdersPrice spread, now −0.118%Rate

Funding earned: $14
Price spread: −0.118% → −0.835%: $71.68
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $70.66
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Gate: live order book, 4 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Injective no order-book sample	—	—	—	—	—
Sell Gate live order book, 4 min ago	3.37 bp	20.6 bp −$21	63.4 bp −$634	157.6 bp −$15.8K	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ICP on 27 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ICPUSDT	−0.0080%	8h	2.9590	−0.253%	$1.8M	$791K	50x	as long as short
Kraken Futures PF_ICPUSD	−0.0058%	1h	2.9659	−0.021%	$532K	$610K	50x	as long as short
Deribit ICP_USDC-PERPETUAL	−0.0054%	1h	2.9616	−0.165%	$264	$439	50x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9645	−0.069%	$69K	$3K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0011%	1h	2.9632	−0.110%	$22K	—	150x	as long as short
Injective ICP/USDC PERPlong	+0.0033%	1h	2.9665	long leg	$202	$200K	12x
Variational Omni ICP	+0.0083%	8h	2.9590	−0.253%	$1.1M	$116K	—	as long as short
Lighter ICP	+0.0096%	1h	2.9654	−0.037%	$154K	$477K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9674	+0.031%	$4.6M	$4.9M	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9647	−0.059%	$264K	$1.6M	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ICP	+0.0100%	1h	2.9675	+0.032%	$134K	$10K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9640	−0.084%	$29.1M	$49.9M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	2.9630	−0.118%	$17.1M	$18.0M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9640	−0.084%	$5.7M	$15.7M	50x	as long as short
Gate ICP_USDTshort	+0.0100%	8h	2.9630	−0.118%	$1.9M	$2.8M	50x
MEXC ICP_USDT	+0.0100%	8h	2.9640	−0.084%	$19.7M	$10.0M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9640	−0.084%	$4.9M	$12.5M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9640	−0.084%	$7.0M	$4.6M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9640	−0.084%	—	$5.8M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9600	−0.220%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9596	−0.231%	$567K	$470K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9620	−0.152%	$1K	$1.6M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9660	−0.017%	$104K	$117K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9622	−0.146%	$22K	$132K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9640	−0.084%	$1.3M	$2.2M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0352%	1h	2.9750	+0.287%	$67K	$61K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0434% / S −0.0367%	1h	2.9630	−0.117%	$31K	—	100x	as long as short